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In contrast, public debt reflects money borrowed from outside sources -- giving it more of a connection to the economy, Josh Gordon, an analyst with the anti-deficit Concord Coalition, told PolitiFact Texas. "If your problem with the national debt is that you think it’s affecting the economy or interest rates or something like that, the only part of the national debt that affects the economy is the debt held by the public. That’s where the (U.S.) Treasury is borrowing money on the open market."